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China’s AML Legal Framework Set to Target Cryptocurrency Transactions in Major Update

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As part of its ongoing efforts to modernize financial regulations, China is revising its Anti-Money Laundering laws to include stringent measures against cryptocurrency-related transactions. This revision, the first since 2007, aims to plug the legal gaps exploited in the burgeoning world of digital currencies. China to Tighten Grip on Digital Assets With Revised Anti-Money Laundering Law China is set to overhaul its Anti-Money Laundering (AML) laws, incorporating cryptocurrency-related transactions into its regulatory framework. This major revision, according to an article in Jiemian.com , is the first since 2007 and comes amid increasing concerns over the use of digital assets in money laundering activities. Prime Minister Li Qiang chaired a key executive meeting of the State Council on Jan. 22, to address the revised AML law. The initial draft for this revision was first proposed in June 2021 and later included in the 2023 legislative work plan of the State Council. The final la
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SEC Moves to Dismiss Lawsuit Against Crypto Company Debt Box, Citing Inaccuracies in Court

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The SEC has decided to abandon its lawsuit against Debt Box, a crypto company previously accused of defrauding investors of millions. This decision follows the SEC’s acknowledgment of presenting misleading information in court, a revelation that undermines the agency’s case and credibility. Inaccuracies in Court Lead SEC to Drop Fraud Case Against Crypto Firm Debt Box The U.S. Securities and Exchange Commission (SEC) has requested to dismiss its lawsuit against crypto startup Debt Box. The decision comes after the SEC admitted to making inaccurate statements in court. The lawsuit, initially filed against Digital Licensing Inc., which does business as Debt Box, accused the company of defrauding investors of at least $49 million. The SEC claimed that Debt Box offered “node licenses” for mining cryptocurrencies that were never actually mined. This action was part of a broader crackdown by the SEC on cryptocurrency firms, under the leadership of Chair Gary Gensler who has repeatedly s
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Fed Maintains Interest Rates, Seeks ‘Greater Confidence’ on Inflation Goal; Bitcoin and Gold Hold Steady

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On Wednesday, Jan. 31, 2023, the U.S. Federal Reserve opted to maintain the federal funds rate unchanged. The Federal Open Market Committee (FOMC) additionally stated that the committee “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation” is steadily approaching the 2% mark. As benchmark equity indices experienced declines, the price of bitcoin remained unaffected. Fed Holds Rate Steady, Aiming for ‘Greater Confidence’ in Inflation Control The U.S. central bank has resolved to maintain the federal funds rate between 5.25% and 5.5% until the forthcoming FOMC meeting. The Fed observed that recent signs indicate a robust expansion of economic activity. It acknowledged that while job growth has slowed compared to the early part of last year, it continues to be strong, and the unemployment rate has stayed low. Although inflation has moderated over the previous year, it continues to be higher than desired. “In support o
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New York Community Bancorp Grapples With 40% Share Drop Following Disappointing Earnings Report

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New York Community Bancorp (NYCB) faced significant challenges on Wednesday, with its shares plummeting by over 40%, prompting a halt in trading. Currently, NYCB shares have experienced a decline of just above 36%, trading at $6.61 per share. Last Year’s Banking Fears Resurface as NYCB Faces Harsh Earnings Reality Financial challenges have resurfaced with New York Community Bancorp (NYSE: NYCB ), the entity that acquired Signature Bank , witnessing a steep decline in its stock value during Wednesday’s trading. The shares of NYCB nosedived over 40% against the U.S. dollar following the bank’s recent earnings announcement . The financial organization has declared firm measures to bolster capital, fortify its balance sheet, and enhance its risk management practices as the company enters the realm of $100 billion large banks. *NEW YORK COMMUNITY BANCORP PLUNGES BY RECORD 44% AT THE OPEN https://t.co/SW7aEJTjRM — zerohedge (@zerohedge) January 31, 2024 For the quarter ending Dec.
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Argentine Government Drops Crypto Legalizing Opportunity From Omnibus Bill

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The Argentine government, presided by Javier Milei, has resolved to drop the tax opportunities for crypto in the omnibus bill presented to Congress. The bill allowed taxpayers to declare the ownership of some previously undeclared assets, with crypto also included, reducing the payments and fees for this task. Argentine Government Excludes Crypto Opportunities From Omnibus Bill The Argentine government has withdrawn the opportunities for declaring ownership of certain assets, including crypto, from the omnibus bill presented to Congress this month. The bill, titled “Law of Bases and Starting Points for the Freedom of Argentines,” seeks to advance reforms in several areas, including getting legislative powers for President Javier Milei, who could take action directly in several fields, sidestepping Congress. Guillermo Francos, minister of interior, stated that the decision to withdraw these proposals derived from the lack of consensus in Congress regarding this part of the bill. Ac
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Invesco and Galaxy Slash Fees in Competitive Spot Bitcoin ETF Market

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Responding to the fierce competition in the spot bitcoin ETF market, Invesco and Galaxy Asset Management have lowered the long term fee of their joint BTCO fund, positioning it more competitively against sector heavyweights. Invesco and Galaxy ETF Fee Slashed in Response to Intense Market Competition In a strategic move to gain traction in the highly competitive spot bitcoin exchange-traded fund (ETF) market, Invesco and Galaxy Asset Management have reduced the fee for their joint spot bitcoin ETF, the Invesco Galaxy Bitcoin ETF (BTCO). This decision, announced on Monday , marks the latest move in the ongoing fee war amongst issuers of this new financial product. The fee reduction brings BTCO’s expense ratio down from 0.39% to 0.25%. Additionally, Invesco has announced a waiver of these fees for the first six months or until the ETF reaches $5 billion in assets under management (AUM). This aggressive pricing strategy aims to bolster the fund’s appeal among investors and compete mor
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Areon Gears up for Mainnet Integration on Exchanges by Jan 31

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PRESS RELEASE. Crypto enthusiasts hold their breath as excitement builds around the upcoming integration of Areon Network ‘s new layer 1 chain with major exchanges. Scheduled for January 31 at 14:00 UTC , the integration marks a significant milestone for the project, the resumption of trading for its native token: $AREA. Prior to mainnet launch on January 12 , AREA was a token on the Binance Smart Chain ( BSC ) and was readily available for trading on several exchanges. Now this EVM-compatible chain with a unique consensus mechanism awaits the integration to popular exchanges. Waiting for the Integration The integration process led to a temporary halt in buying and selling $AREA. The pause has undoubtedly piqued the interest of investors , creating a sense of anticipation. The market has been boiling with intense pressure and the date January 31 will be the huge release of tension that the investors are eagerly expecting. What to Expect on January 31 Once the integrat
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